India Targets 47-48% Edible Oil Import Dependence in Next 7-8 Years
India aims to reduce its edible oil import dependence from 60% to 47-48% within 7-8 years through increased domestic production. The strategy focuses on stable supplies and adjusted duty policies to mitigate inflation and ensure economic resilience amid global volatility.
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India's edible oil import dependence is projected to decrease from nearly 60% to 47-48% in the next 7-8 years, driven by enhanced domestic oilseed production. Industry leaders, including Sudhakar Desai of Emami Agrotech, emphasize the need for stable supplies and calibrated duty policies to manage inflation and reduce reliance on imports.
Currently, edible oil imports account for approximately $20 billion annually, placing it among the largest import categories following fuel and gold. Desai supports a measured approach to tariffs, advocating for a modest 5% duty reduction to maintain price stability. While India remains susceptible to global price fluctuations, particularly due to biofuel demand, a combination of palm oil imports and increased local production is expected to ensure supply stability.
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